The morning corn market is trading ¾ of a cent to 1 ¾ cents weaker so far into the midweek session. The overnight market had May trading from UNCH to -2 ½ cents. On Tuesday corn ended near the the session highs with 2 ½ to 3 ½ cent gains.
Weekly EIA data will be released later this morning, with ethanol plant operators expecting the daily average to be +/- 16,000 bpd of last week’s 1.024 million bpd.
Brazil’s AgRural had corn harvest at 68% finished for the Center-South region, up from 57% last week and 51% at the same time last year. Thery reported 2nd crop planting at 97% complete, matching Safras reports. China has apparently approved another 27 GMO corn varieties for planting on Tuesday.
Ukraine’s Ag Ministry reported grain shipments totaled 32.4 MMT, including 17.4 MMT of corn, for the season-to-date. That is 9.4% below last year, with corn shipments trailing last year’s pace by 17%. Ukraine’s Ag. Ministry is predicting that 2024 corn acres there will total 3.86 million hectares, down 4.5% from 2023. Shortages of labor, inputs and transport are all factors.
May 24 Corn closed at $4.39 1/2, up 3 1/2 cents, currently down 1 3/4 cents
Nearby Cash was $4.15 5/8, up 3 7/8 cents,
Jul 24 Corn closed at $4.52 1/4, up 3 1/2 cents, currently down 1 1/2 cents
Dec 24 Corn closed at $4.73 1/4, up 2 1/2 cents, currently down 1 1/4 cents
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